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Prepare the adjustment entry as of 30/06/2012 under the following E. According to...

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Accounting

Prepare the adjustment entry as of 30/06/2012 under the following

E. According to the balance sheet, the inventory was $223,500. At the end of the financial year stock take, you have been advised that the inventory value is only $210,000.

F. On 30/06/2012, the company aged receivables which have a total of $306,400. The company estimated 2% of 90 days receivable and 10% of over 90 days will not be able to be collected.

Aged Receivable Summary

30/6/2013

Total Due

0-30 days

31-60 days

61-90 days

91-120 days

$311,400

$220,000

$60,000

$18,000

$16,400

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